Successful Sale of 408-410 Greenwich Street in TriBeCa, Manhattan

Bob Knakal successfully brokered the sale of 408-410 Greenwich Street marked a notable development site transaction in TriBeCa, one of Lower Manhattan’s most exclusive and rapidly evolving neighborhoods. Sold for $3,800,000, the property drew strong developer interest due to its location between Hubert and Laight Streets and its potential for luxury residential or mixed-use development. This transaction underscored investor confidence in TriBeCa’s long-term value and architectural character.

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Sale Details and Transaction Overview

Completed on January 26, 2003, the sale of 408-410 Greenwich Street reflected a price per buildable square foot of $116.48 across 32,623 buildable square feet. This deal captured the attention of developers seeking well-positioned parcels during TriBeCa’s early 2000s transformation into a premier residential district.

Key Sale Details:

• Sale Price: $3,800,000
• Price per Buildable SF: $116.48
• Buyer: Ramierz Properties LLC (Samuel Ramierz)
• Seller: Monica Pitti, Anthony Feola
• Asset Class: Development Site
• Date Closed: January 26, 2003

Property Highlights and Development Potential

The development site at 408-410 Greenwich Street features a total buildable area of 32,623 square feet on a lot measuring 53 feet by 81 feet. Its dimensions provide ample flexibility for mixed-use or high-end residential development, consistent with TriBeCa’s architectural standards and zoning allowances. The property’s visibility and wide frontage on Greenwich Street added to its appeal for future redevelopment.

Property Highlights:

• Total Buildable Square Footage: 32,623 SF
• Lot Dimensions: 53 ft x 81 ft
• Full Address: 408-410 Greenwich Street, New York, NY 10013
• Neighborhood: TriBeCa, Manhattan
• Block / Lot: 217 / 23
• Price per SF/BSF: $116.48
• Location: Between Hubert and Laight Streets

Investment Appeal and Strategic Advantages

The site offered investors a chance to participate in TriBeCa’s accelerating luxury market at a time when new residential conversions and boutique condominium projects were reshaping the neighborhood. With proximity to Hudson River Park, SoHo, and the Financial District, the property’s strategic location made it an ideal acquisition for developers targeting high-end buyers and long-term value appreciation.

Investment Highlights:

• Prime Downtown Location: Steps from Hudson River Park and major retail and dining destinations.
• Development Flexibility: Suitable for mixed-use, residential, or boutique condominium construction.
• Historic Appeal: Nestled within TriBeCa’s preserved streetscape of classic warehouse architecture.
• Strong Market Demand: Supported by rising luxury sales and limited supply of developable sites in the area.

Market Strategy and Positioning of the Sale

At the time of sale, TriBeCa was solidifying its reputation as Manhattan’s premier residential neighborhood, with soaring demand for large, light-filled spaces. The marketing strategy for 408-410 Greenwich Street emphasized its architectural potential, prime Greenwich Street frontage, and location near the Hudson waterfront, appealing to both local developers and international investors seeking trophy projects in Downtown Manhattan.

This focused approach generated competitive bidding and demonstrated the enduring strength of TriBeCa’s development pipeline—particularly for boutique, design-driven projects.

Neighborhood Overview: Why TriBeCa is a Top Development Market

TriBeCa (Triangle Below Canal Street) is synonymous with luxury living, cultural heritage, and architectural prestige. Its cobblestone streets, restored industrial lofts, and proximity to Downtown business hubs make it one of the most desirable places to live and invest in New York City. Over the past two decades, the area has evolved from a creative enclave to a world-class residential destination.

Neighborhood Highlights:

• Vibrant Dining Scene: Home to Michelin-starred restaurants like Bâtard, Frenchette, and Locanda Verde.
• Cultural Landmarks: Near the Tribeca Film Center and the annual Tribeca Film Festival venues.
• Accessibility: Minutes from Hudson River Park, SoHo, and the World Trade Center.
• Exclusive Living: Known for celebrity residents, boutique hotels, and designer lofts.

TriBeCa’s Distinct Appeal for Investors and Developers

TriBeCa’s enduring appeal lies in its ability to merge historic architecture with modern luxury. Its limited inventory of developable land, high-end demographic, and consistent appreciation make it one of Manhattan’s safest and most lucrative investment markets. Properties like 408-410 Greenwich Street exemplify how strategic positioning and scarcity combine to create long-term real estate value.

Conclusion: A Landmark Development Sale in Downtown Manhattan

The sale of 408-410 Greenwich Street highlights the continued strength of TriBeCa’s real estate market and its global reputation as a luxury destination. With its generous lot size, prime location near the Hudson River waterfront, and versatile development potential, the property represented an exceptional opportunity for high-end redevelopment.

This transaction also reinforces Bob’s expertise in identifying, marketing, and closing complex development site sales across Manhattan’s most competitive neighborhoods—delivering optimal outcomes for both sellers and investors.

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Frequently Asked Questions About 408-410 Greenwich Street, TriBeCa

Q1: Where is 408-410 Greenwich Street located?
The property is located in the heart of TriBeCa, Manhattan—between Hubert and Laight Streets. It is surrounded by high-end dining, boutique retail, and cultural landmarks, and sits just steps from Hudson River Park.

Q2: What kind of property was sold at this address?
408-410 Greenwich Street is a development site totaling approximately 32,623 buildable square feet, ideal for mixed-use or residential construction. Its size and location made it particularly attractive to developers targeting the luxury condominium market.

Q3: How much did the property sell for, and what was the price per buildable square foot?
The property sold for $3,800,000, equating to approximately $116.48 per buildable square foot—a competitive figure for TriBeCa during the early 2000s market cycle.

Q4: Who were the buyer and seller involved in the transaction?
The buyer was Ramierz Properties LLC (Samuel Ramierz), while the sellers were Monica Pitti and Anthony Feola.

Q5: Why is TriBeCa considered one of Manhattan’s best investment neighborhoods?
TriBeCa combines historic architecture, a vibrant dining and cultural scene, and proximity to major business centers. Its consistent demand among affluent buyers and limited development supply have made it one of Manhattan’s most resilient and high-performing submarkets for decades.

Q6: What makes 408-410 Greenwich Street unique compared to other development sites?
The site’s 53-foot-wide frontage, flexible zoning potential, and positioning between two prime TriBeCa blocks offer architectural versatility and rare visibility—key advantages for boutique residential or mixed-use projects.

Q7: What broader market trends influenced this sale?
During the early 2000s, Lower Manhattan experienced a surge in residential demand following downtown revitalization efforts. Investors increasingly sought sites like this for conversion and ground-up luxury development, driving competition for scarce parcels in TriBeCa.

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